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Bill Watch, Feb. 28, 2020: Current Sports and Entertainment Legislation of Note - Sports and Entertainment Law News

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Sports and Entertainment Law News


Posted on: Mar 5, 2020

The IndyBar Legislative Committee is currently monitoring the following sports and entertainment law related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Mindy Westrick at mwestrick@indianaenergy.org.

Click here to view the full Bill Watch reports.

HB1007    FISCAL MATTERS. (BROWN T) Adds several standard provisions to the sports wagering fund. Repeals a provision requiring review by the budget committee of certain agreements or extensions of agreements entered into by the Indiana finance authority or the state. Appropriates money from the state general fund for various projects of Indiana's state educational institutions.

SB408 VARIOUS TAX MATTERS. (HOLDMAN T) Removes references to an out-of-state merchant's collection of the state use tax. (Under current law, an out-of-state merchant is required to collect the state gross retail tax (not the use tax) on retail transactions made in Indiana if certain threshold conditions are met.) Makes clarifying and technical changes to the definitions of "bundled transaction", "unitary transaction", and "gross retail income" in the state sales tax statute, and "adjusted gross receipts" in the sports wagering statute. Removes outdated references to the gross income tax and adjusted gross income tax. Makes a technical correction in the gasoline use tax statute. Clarifies the allowable state income tax deductions and credits for a married individual filing a separate return. Provides certain procedures for reporting federal partnership audit adjustments for purposes of the state adjusted gross income tax and financial institutions tax in order to conform with changes in federal law. Requires an entity that makes first payment of prize money related to a racing event at the Indianapolis Motor Speedway to withhold and remit a tax to the department of state revenue (department) equal to the individual adjusted gross income tax rate plus the local income tax rate multiplied by the amount of prize money awarded, and in turn: (1) relieves the recipient of the prize money from withholding requirements that would otherwise apply to any of the prize money that it pays or distributes to its employees, partners, shareholders, or beneficiaries; and (2) allows the recipient of the prize money to exclude the amount received in determining the recipient's state and local income tax liability. Provides that if a taxpayer was granted a historic rehabilitation tax credit before the termination of the authority to grant the credit after December 31, 2015, and for a year other than the year in which the preservation or rehabilitation of the historic property was performed and certification provided, the taxpayer is entitled to claim that tax credit beginning in the subsequent year for which the credit was granted, notwithstanding the zero dollar cap on the amount of credits allowed in a state fiscal year beginning after June 30, 2016, and the expiration of the historic rehabilitation tax credit chapter on January 1, 2019. Provides certain sourcing rules for accounts receivable that are sold. Specifies the duties of the department's motor carrier service division. Removes obsolete provisions that apply to transporting gasoline or special fuel from points outside Indiana to points inside Indiana and from points inside Indiana to points outside Indiana. Removes an unused provision that allows the department to require an applicant for a special fuel tax supplier's license to submit fingerprints as part of an application. Eliminates a redundant penalty provision for failure to file a quarterly motor carrier fuel tax report (this penalty is currently assessed and calculated under the penalty provisions of the International Fuel Tax Agreement as set forth in another section of the Indiana Code). Allows a taxpayer to request a secondary review of adjustments to tax attributes in certain circumstances. Makes clarifying changes to the statute of limitations for tax assessments and tax refunds. Extends the statute of limitations to allow a refund of state and local income tax with regard to veterans' disability severance payments that were determined to qualify for a refund of federal income tax under the Combat-Injured Veterans Tax Fairness Act of 2016. Revises the penalty amount to not more than $50 and not less than $25 for returned or dishonored checks made to the department. Expands the functions of the taxpayer rights advocate office within the department. Makes conforming changes.

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